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Track and Trace Solutions Market worth $7.3 billion by 2026 - Exclusive Report by MarketsandMarkets Track and Trace Solutions Market by Product (Plant Manager, Checkweigher, Barcode Scanner, Monitoring), Technology (2D Barcode, RFID), Application (Serialization, Aggregation, Reporting), End User (Pharma, Food, Medical Devices) - Global Forecast to 2026 , published by MarketsandMarkets, the Track and Trace Solutions Market is projected to reach USD 7.3 billion by 2026 from USD 4.1 billion in 2021, at a CAGR of 12.1% during the forecast period. The implementation of track and trace solutions and technologies is an important strategy adopted by many manufacturing companies and regulatory bodies in recent years.
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The Growth in track and trace solutions market is largely driven by stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the number of packaging-related product recalls, high growth in the generic and OTC markets, and growth in the medical device industry.
On the other hand, the high costs and long implementation timeframe associated with serialization and aggregation and the huge setup costs are expected to limit market growth to a certain extent. The Software segment accounted for the largest market share in 2020.
Based on products, the market is segmented into software, hardware components, and standalone platforms based on product. The software segment accounted for the largest share 60.1% of the track and trace solutions market in 2020. Market growth is largely driven by the increasing awareness about secure packaging, the rising number of counterfeit drugs and related products, and growi